|
Note 3 - Related Party
|
12 Months Ended |
|---|---|
|
Aug. 31, 2012
|
|
| Related Party Transactions Disclosure [Text Block] |
Note
3 – Related Party
From
time to time the Company has received loans from the former
CEO, Robert Timothy, to fund operations. The total
outstanding balance of the unsecured, demand notes, bearing
interest at 8% was $5,445 and $5,445 at August 31, 2012 and
August 31, 2011, respectively. Accrued interest of
$1,251 and $814 was outstanding as of August 31, 2012 and
August 31, 2011, respectively.
From
time to time the Company has received loans from the
Company’s CEO, Gerald Ricks, to fund operations. The
total outstanding balance of the unsecured, demand notes,
bearing interest at 8% was $22,519 and $9,214 at August 31,
2012 and August 31, 2011, respectively. Accrued interest of
$1,677 and $264 was outstanding as of August 31, 2012 and
August 31, 2011, respectively.
From
time to time the Company has received loans from a major
shareholder, BK Consulting, to fund operations. The total
outstanding balance of the unsecured, demand notes, bearing
interest at 8% was $15,573 and $11,140 at August 31, 2012 and
August 31, 2011. Accrued interest of $1,625 and $781 was
outstanding as of August 31, 2012 and August 31, 2011,
respectively.
Total
amounts due to related parties were $43,537 and $25,799 at
August 31, 2012 and August 31, 2011, respectively.
The
Company has accrued interest of $4,551 and $1,859 to related
parties as of August 31, 2012 and August 31, 2011,
respectively.
Transactions
During
the year ended August 31, 2011, the Company received
unsecured loans of $9,214, due on demand, bearing interest at
8%, from the Company’s CEO, Gerald Ricks.
During
the year ended August 31, 2011, the Company received
unsecured loans of $11,140, due on demand, bearing interest
at 8%, from a major shareholder, BK Consulting, to fund
operations.
As
of August 31, 2012, the Company has outstanding unsecured
loans in the amount of $5,445, due on demand, bearing
interest at 8%, from the Company’s former CEO, Robert
Timothy.
On
September 19, 2011, the Company received an unsecured loan of
$11, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks. This loan was
repaid on December 1, 2011.
On
October 25, 2011, the Company received an unsecured loan of
$25, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks.
On
November 25, 2011, the Company received an unsecured loan of
$2,100, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks.
On
December 1, 2011, the Company received an unsecured loan of
$4,800, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks
On
December 28, 2011, the Company received an unsecured loan of
$55, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks
On
January 1, 2012 the Company received an unsecured loan of
$1,800, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks
On
January 20, 2012 the Company received an unsecured loan of
$1,300, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks
On
February 22, 2012 the Company received an unsecured loan of
$25, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks
On
April 12, 2012 the Company received an unsecured loan of
$3,200, due on demand, bearing interest at 8%, from the
Company’s CEO, Gerald Ricks
On
April 26, 2012 the Company received an unsecured loan of
$275, due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund operations.
On
June 16, 2012 the Company received an unsecured loan of $400,
due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund operations.
On
July 16, 2012 the Company received unsecured loans of $2,950,
due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund operations.
On
July 31, 2012 the Company received an unsecured loan of $200,
due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund operations.
On
August 2, 2012 the Company received unsecured loans of $608,
due on demand, bearing interest at 8%, from a major
shareholder, BK Consulting, to fund operations
Change
in Management
On
December 15, 2010, the former CEO, Robert Timothy, resigned
as from the Board of Directors and his position as CEO, and
appointed Gerald Ricks as the Chairman of the Board of
Directors and CEO.
On
December 30, 2010, the Board of Directors dismissed Ronald
Schuurman as Secretary and Treasurer and appointed Vincent
Kelly to the Board and positions of Secretary and
Treasurer.
On
December 31, 2010, the Board of Directors appointed James
Hughes to the Board of Directors.
|